Stoops, the reference to PAN was them meeting their arrears of...

Stoops, the reference to PAN was them meeting their arrears of $240M, plus they are up for their share of the current Q, another $213M.

At Q end CUX will have $30M + $693M banked leaving PAN to raise a matching $593M to June 14, based on current expenditure.

That leaves PAN needing to make $1046M contribution to maintain 45% equity.

At current spend rate that would leave $400M in the bank June 14, and needing to raise further funds. If PAN can't deliver it will much sooner.

You are right that CUX has some breathing space after selling down 20% equity, but only if PAN can deliver a large. The arrears doesn't fill me with confidence in the current enviro.

Still CUX seem to be progressing very logically, and I'm beginning to think their broad suite may end up quite an advantage.

Resting comfortably in my bottom drawer.